An Atlanta real estate firm has purchased the Trinity Place office building on Edwards Mill Road in West Raleigh for $15.4 million, according to Wake County property records.
The Brookdale Group bought the 112,000-square-foot building from an Oregon investor who purchased the property in 2005 for $19.3 million.
The seller had borrowed $12 million in 2005. That loan was subsequently packaged into a commercial mortgage-backed security, or CMBS, and sold to Wall Street investors.
Northwood Ravin, the joint venture between Crosland's former multifamily development arm and Northwood Investors, has bought The Apartments at the Arboretum in Cary for $32 million, according to Wake County property records.
Crosland developed the 205-unit complex, which opened in 2008.
Last summer, Crosland, the Charlotte developer that has been among the most active in the Triangle during the past decade, announced that it would divest its retail, multifamily and residential development arms to focus exclusively on managing existing assets.
Crosland's multifamily team became Ravin Partners, led by David Ravin. Ravin Partners and Northwood announced their joint venture in October. The company will both develop and manage apartment projects.
The Fred Smith Company has paid $2.35 million for a 10-acre industrial site on Chapel Hill Road in West Raleigh.
Fred Smith Co. was already the largest tenant on the property, which includes 15,000 square feet of office space.
The site was long the home of graving and paving company C.C. Mangum, which Fred Smith Co. acquired in early 2010.
Jim Anthony of Colliers International brokered the transaction.
Fred Smith Jr., a former state senator and gubernatorial candidate, had been CCM's chief executive for a number of years before he bought the business.
The 6105 Chapel Hill Road site is near its intersection with Edwards Mill Road.
The year in Triangle commercial real estate is ending much the way it started -- with a bunch of multifamily property deals.
The Preiss Company, the Raleigh-based student housing firm, has paid $26.5 million for The College Inn, a 121-unit complex on the south side of Western Boulevard near N.C. State in Raleigh, according to Wake County property records.
The seller was the N.C. State Student Aid Association, also known as the Wolfpack Club, which had owned the property since it was built in 2004. Richard Cotton of Multifamily Realty Advisors represented the Wolfpack Club in the sale.
The complex sits on 3.26 acres and includes a total of 440 beds.
The other deal involved the Mariner's Crossing apartments in North Raleigh, which sold for $29.95 million to Sillman Enterprises, a real estate firm based in Birmingham, MI, according to property records.
The 306-unit complex was built in 1995. It's located at the intersection of Creedmoor and Millbrook roads.
Crescent Resources announced today that it will begin construction immediately on a new 303-unit apartment complex in Durham.
The $47 million project, called Circle Ninth Street, is being built on a six-acre site just west of the historic Erwin Mill building and the retail shops along Ninth Street.
Crescent paid just over $6 million for the property, according to Durham County property records.
The Charlotte developer has also begun construction on The Residences at Cameron Village, a 282-unit apartment complex going up in the west Raleigh shopping center.
Circle Ninth Street is to be similar to ecofriendly communities that Crescent has build in Florida and the Charlotte area. The project is expected to be completed by next fall.
This is the four apartment complex Crescent has begun construction on this year, and it is one of three that the company made an equity investment in.
Raleigh-based Highwoods Properties announced today that it has been selected to build a new $48.4 million headquarters in Nashville for LifePoint Hospitals.
The project calls for a seven-story, 203,000-square-foot building and structured parking in the Brentwood area of Nashville.
LifePoint will occupy the entire building.
Highwoods will also build 25,000 square feet of retail adjacent to the building that will be available for lease.
Oberlin Court, the apartment and retail center at the corner of Wade Avenue and Oberlin Road in west Raleigh, has been sold for $72.25 million, according to Wake County property records.
It's the latest in a string of major apartment acquisitions by institutional investors in the Triangle.
The buyer was Atlanta-based Prudential Real Estate Investors. The seller was Northwestern Mutual Life Insurance Company.
Just last month Prudential bought the Woodland Terrace senior living complex in Cary for $53 million.
Developed by Crosland, Oberlin Court opened in 2008. It includes 370 apartments and 30,000 square feet of retail shops.
Highwoods Properties handily beat Wall Street estimates for the third quarter as the company leased 1.7 million square feet of space.
The Raleigh real-estate investment trust's 32.7-million-square-foot portfolio was 89.9 percent occupied at the end of September.
Occupancy was down compared to the prior quarter as a result of Highwoods making one of its boldest acquisitions in recent memory during the third quarter.
The company spent $300 million acquiring seven buildings in Atlanta and Pittsburgh in September.
The buildings included about 2 million square feet of space that was 83 percent leased at the time of purchase.
Highwoods reported funds from operations, a profitability measure for REITs, of 65 cents per share for the quarter, compared to the 57 cents per share the company reported in the third quarter of 2010.
That beat the consensus of Wall Street by 5 cents.
A subsidiary of the Mutual Life Insurance Company has bought The Tribute, a 359-unit apartment complex in northwest Raleigh, for $55.85 million, according to Wake County property records.
It's the latest in a string of high-profile apartment transactions in the Triangle.
Cornerstone Real Estate Advisers, which manages MassMutual's real estate investments, bought the complex from DCO Realty, the developer of the property.
Duke Realty announced today that it is selling 10.1 million square feet of its suburban office portfolio to the private equity firm Blackstone.
The purchase price is $1.08 billion.
None of the assets involved are in North Carolina. The portfolio includes properties in Atlanta, Chicago, Columbus, OH, , Dallas, Minneapolis, Orlando and Tampa.
The sale is part of Indianapolis-based Duke's strategy of shifting its focus from office to industrial properties.
